Hall of Flames – Cointelegraph Magazine

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Scott Melker is the host of The Wolf Of All Streets podcast and the author of The Wolf Den newsletter.

If I tweeted about a small cap [crypto] somehow right now the price would probably change by around 50%, says Scott Melker, best known to his 904,800 Twitter followers as The Wolf Of All Streets.

Melker says he takes that responsibility seriously and won’t share tweets that could impact the market, but that makes Twitter that much more annoying of him. In fact, Melker says Twitter stopped being fun when it hit 100,000 subscribers.

That’s when I went through a real love-hate relationship phase with Twitter because that’s when I guess 10% of people responding to comments were trolling at a given time.

All you can really post to 900,000 followers is bitcoin and inspirational quotes because anything else will get you in hot water.

After earning a degree in anthropology from Penn State University in 1999, Melker tried his hand at a million other things and achieved the most success in his 20 years as a DJ.

Shortly after graduating from college, he also started his own magazine in Philadelphia called 101 Magazine, focusing on street culture and city vibes.

It caught the attention of a huge magazine called Frank 151, which acquired it, and Melker became the editor of both.

During this time, he had the opportunity to attend crazy parties and rub shoulders with legendary artists like the Wu-Tang Clan and Outcast.

The music industry led him to try crypto trading in the first place.

I happened to look into crypto because there was a bunch of DJs trading it, he says.

He started trading on crypto exchange Gemini in 2016 and remembers buying Bitcoin to send to another exchange, Bittrex, so he could buy Ethereum and Ripple. ETH cost less than $20 back then, he notes in cheeky humble boastfulness.

Rather than a lofty top goal, he says the main attraction was hard cash.

I was just trading, trying to make money to support a new family; it had nothing to do with what bitcoin was or what the asset class was.

What led to Twitter’s fame?

Melker first started racking up followers when he was trading the market well and posting some on Twitter. At that time, its content was 100% charts and trades.

However, Melker didn’t want his account to be trade-based as he is fickle.

So he moved to a more holistic approach to his content within the crypto industry.

I’d love to tell you that I adopted a strategy to grow my account, but it was always me doing what I loved doing the most at any given time.

Melker observed a direct correlation between his subscriber growth and the performance of the crypto market.

In previous bull markets, he has seen an insane influx of daily followers.

There was a time when I received a hundred thousand [followers] in two months, he said.

Melker used to literally reply to anyone who commented on his tweets or sent him messages, but now that ship has sailed.

It’s like a full-time job, and then you get to the point where you can’t open all your DMs anymore, he says.

But it is better not to call him an influencer.

I hate the term influencer because, to me, I’m just a student of crypto, and it’s something I’m passionate about and want to learn more about.

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What type of content do you do?

Melkers content revolves around crypto news and keeps people up to date with what is happening in the market.

He enjoys sharing his perspective on what is important, and what is a type of noise and not a signal.

[My content includes] all the lessons i’ve learned in my streams and podcasts, but i would say its generally educational/informative in this market.

Melker points to the overwhelming pressure he faces every time he decides to tweet, given the number of followers he has amassed on Twitter.

Twitter is like a movie where you throw a grenade into a room and walk away, and there’s a huge explosion behind you. That’s how I feel every time I tweet now, Melker says.

Extreme Beef: Gary Gensler

Melker is not a fan of U.S. Securities and Exchange Commission Chairman Gary Gensler.

He admits his Twitter is filled with many angry tweets at Gensler.

I literally helped #firegarygensler aggressively trend on Twitter, he states.

He explains that his problem with Gensler is his recent regulatory actions, which he sees as a massive over-correction targeting crypto firms.

He thinks it stems from a sense of embarrassment that Gensler was meeting Sam Bankman-Fried before FTX’s collapse and didn’t realize he was a fraud.

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Spicy Beef: ZachXBT

ZachXBT, a pseudonymous on-chain researcher, accused Melker of pumping and throwing shitty coins at his followers in 2021. It was a troubling time for Melker, who received threats and became the target of fiery anger .

Melker vehemently refuted these claims and announced that he would avoid tweeting about small-cap projects.

Melker says he doesn’t want his audience to get the wrong idea and prefers to focus on educational things. He reiterates that he was passionate about trading altcoins, but says it can be difficult to navigate the boundaries of what you should and shouldn’t talk about as your audience grows.

You don’t just show up with 900,000 followers one day and figure out what you can and can’t tweet about.

Price predictions?

There’s nothing that makes you dumber than a price prediction, says Melker. He should know, given that he took an optimistic turn in predicting that Ethereum would hit five figures in 2021.

However, he is optimistic that Bitcoin will hit six figures in the next bull run.

I think the next cycle would be between 100 (thousand) and 250 (thousand), he states.

But Melker believes that after that the market will experience another huge drop before hitting half a million.

Then we go down to 60 (one thousand), and it’s boring forever. Then we go to half a million, as if we were continuing these four-year cycles.

However, Melker does not want to live in a world where Bitcoin is worth a million dollars.

The faster this happens, the worse the world is, says Melker.

Because if Bitcoin goes to a million dollars. This means that everything else exploded, including the US dollar, and lived in a dystopian Mad Max future.

Where you and I are these guys with no painted faces going to gas town, fighting enemies, he describes, referring to the 2015 film Mad Max: Fury Road.

But maybe in a few decades.

I would like to see Bitcoin at $1 million in 20 years, following reasonable cycles, he adds.

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Ciaran Lyons

Ciaran Lyons is an Australian crypto journalist. He is also a comedian and has been a radio and television presenter on Triple J, SBS and The Project.

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